REG - Resolute Mining Ltd - Half Year Financial Results and Accounts
29/08/2024 09:30
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RNS Number : 1527C Resolute Mining Limited 29 August 2024
29 August 2024
Appendix 4D
Half Year Report for the six months ended 30 June 2024
Reporting Period
The reporting period is for the half year ended 30 June 2024 with the
corresponding reporting period being for the six months ended 30 June 2023.
Results for Announcement to the Market
30 June 30 June Movement Movement
2024 2023
$'000 $'000 $'000 %
Revenuesfromordinaryactivities 341,503 329,499 12,004 4 %
Earningsbeforeinterest,tax,depreciation 101,378 15,010 15 %
and amortisation (EBITDA) 116,388
Profit after income tax 33,401 87,679 (54,278) (62)%
Profit from ordinary activities after income tax 73,842 (52,895) (72)%
attributable to members/net profit for the year 20,947
Resolute Mining Limited ABN 39 097 088 689
Level 17, 2 Esplanade Perth, Western Australia 6000 T +61 8 9261
6100 E contact@rml.com.au (mailto:contact@rml.com.au)
Corporate Directory
Directors Share Registry
Non-Executive Chairman Martin Botha
Computershare Investor Services Pty Limited Managing Director & CEO
Terence Holohan
Level 11, 172 St Georges Terrace
Non-Executive Director Simon Jackson
Perth, Western Australia 6000 Non-Executive Director
Sabina Shugg Home Exchange
Non-Executive Director Adrian Reynolds
Australian Securities Exchange Non-Executive Director
Keith Marshall Level 40, Central Park
Non-Executive Director Adrienne Parker
152 St Georges Terrace
Non-Executive Director Andrew Wray
Perth, Western Australia 6000
Company Secretaries Quoted on the
official lists of the
Australian Securities Exchange (ASX) and London
Tim Whyte
Stock Exchange (LSE)
Sam Wright
ASX/LSE Ordinary Share Code: "RSG"
Registered Office
Level 17
Securities on Issue (30/06/2024)
2 Esplanade
Ordinary Shares
2,129,050,013
Perth, Western Australia 6000
Performance Rights 14,926,305
PO Box 7232 Cloisters Square
Auditor
Perth, Western Australia 6850
Ernst & Young
Telephone: +61 8 9261 6100
Ernst & Young Building
Email: contact@rml.com.au (mailto:contact@rml.com.au)
11 Mounts Bay Rd
Perth, Western Australia 6000
Australian Business Number
ABN 39 097 088 689
Shareholders wishing to receive copies of Resolute's ASX announcements by
e-mail should register their interest by contacting the Company at
contact@rml.com.au (mailto:contact@rml.com.au)
Website
Resolute Mining Limited maintains a website where all announcements are
available: www.rml.com.au (http://www.rml.com.au/)
Table of Contents
Director's (#_TOC_250001) report (#_TOC_250001)
(#_TOC_250001) 4 (#_TOC_250001)
Auditor's Independence Declaration
7
Consolidated Statement of Comprehensive Income
8 - 9
Consolidated Statement of Financial Position
10 - 11
Consolidated Statement of Changes in Equity
12
Consolidated Cash Flow Statement
13
Notes to the Financial Statements
14 - 18
Director's (#_TOC_250000) Declaration (#_TOC_250000)
(#_TOC_250000) 19 (#_TOC_250000)
Directors' Report
Your directors present their half year report on the consolidated entity
(referred to hereafter as the "Group" or "Resolute") consisting of Resolute
Mining Limited and the entities it controlled at the end of or during the half
year ended 30 June 2024 (H1 2024).
Corporate Information
Resolute Mining Limited ("Resolute" or "the Company") is a company limited by
shares that is incorporated and domiciled in Australia.
Directors
The names of the Company's directors in office during the entire half year
period and until the date of this report are set out below. Directors were in
office for this entire period unless otherwise stated.
Martin Botha (Non-Executive Chairman) Terence Holohan (Managing Director &
CEO) Simon Jackson (Non-Executive Director)
Mark Potts (Non-Executive Director) (until March 2024) Sabina Shugg
(Non-Executive Director)
Adrian Reynolds (Non-Executive Director) Keith Marshall (Non-Executive
Director)
Adrienne Parker (Non-Executive Director) (appointed March 2024) Andrew Wray
(Non-Executive Director) (appointed May 2024)
Company Secretaries
Tim Whyte Sam Wright
Operational Highlights
Key highlights for half year ended 30 June 2024 include:
▪ Production (gold poured) for H1 of 167,140 ounces (oz) compared to
176,631oz in H1 2023.
▪ All-In Sustaining Cost (AISC) of $1,442/oz for the first half of the
year ($1,469/oz in H1 2023) due to lower operating cost, continued efficiency
improvements and lower sustaining capital.
▪ H1 gold sales of 157,321oz at an average realised gold price of
$2,170/oz compared to 173,058oz at an average realised gold price of $1,906/oz
in H1 2023.
▪ Cash generation of $73.1 million excluding interest payments, working
capital movements, Ravenswood payment and debt repayment.
▪ Received A$30m (approximately $20m) first tranche cash payment from
restructured Gold Price Contingent Promissory Note from the sale of the
Ravenswood Gold Mine in Q1 2020.
▪ Net cash of $96.6 million (31 December 2023: $14.0 million).
Directors' Report
Financial Overview
Profit and Loss Analysis H1 2024 H1 2023
$'000 Group Group
Revenue 341,503 329,499
Cost of sales excluding depreciation and amortisation (193,509) (193,413)
Royalties (19,639) (18,916)
Administration and other corporate expenses (6,627) (9,081)
Exploration expense (5,340) (6,368)
EBITDA 116,388 101,721
Depreciation and amortisation (53,162) (47,459)
Net interest and finance costs (3,766) (7,120)
Inventories net realisable value movements and obsolete consumables 14,724 8,543
Fair value movements and treasury transactions (5,292) 29,837
Other (15,514) (5,721)
Net profit before tax 53,377 79,801
Income tax expense (19,976) 7,878
Net profit after tax 33,401 87,679
Financial Performance
Revenue for H1 2024 was $341.5 million, from gold sales of 157,321oz at an
average realised price of $2,170/oz. EBITDA was $116.4 million which is a 14%
improvement on the comparative period driven by higher gold prices realised
and lower unit costs. Resolute reported a Net profit after tax of $33.4
million .
Directors' Report
Financial Position
As at 30 June 2024, Resolute had cash of $101.4 million and bullion with a
market value of $42.0 million. The Group's net cash was $96.6 million at 30
June 2024 which is an increase of 662% from H1 2023's net debt position of
$17.2 million. Total borrowings as of 30 June 2024 were $47.7 million ( 31
December 2023: $74.1 million) which are from in- Country overdraft facilities
in Mali and Senegal.
Significant Events After Balance Date
Since the end of the period and to the date of this report, no matter or
circumstance has arisen that has significantly affected, or may significantly
affect, the operations of the Group, the results of operation or the state of
affairs of the consolidated group in subsequent periods.
Auditor's Independence
Refer to page 7 for a copy of the Auditor's Independence Declaration to the
Directors of Resolute Mining Limited.
Rounding
Resolute is a company of the kind specified in Australian Securities and
Investments Commission Corporations (Rounding in Financial Directors' Reports)
Instrument 2016/191. In accordance with that Instrument, amounts in the
financial report and the Directors' Report have been rounded to the nearest
thousand dollars unless specifically stated to be otherwise.
Signed in accordance with a resolution of the directors.
Terence Holohan
Managing Director & CEO
Perth, Western Australia 29 August 2024
Ernst & Young
11 Mounts Bay Road
Perth WA 6000 Australia
GPO Box M939 Perth WA 6843
Tel: +61 8 9429 2222
Fax: +61 8 9429 2436
ey.com/au
Auditor's independence declaration to the directors of Resolute Mining Limited
As lead auditor for the review of the half-year financial report of Resolute
Mining Limited for the half-year ended 30 June 2024, I declare to the best of
my knowledge and belief, there have been:
a. no contraventions of the auditor independence requirements of the
Corporations Act 2001 in relation to the review; and
b. no contraventions of any applicable code of professional conduct in
relation to the review; and
c. No non-audit services provided that contravene any applicable code of
professional conduct in relation to the review.
This declaration is in respect of Resolute Mining Limited and the entities it
controlled during the financial period.
Ernst & Young
Philip Teale Partner
29 August 2024
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards
Legislation
Consolidated Statement of Comprehensive Income
For the half year For the half year
ended 30 June ended 30 June
2024 2023
Note $'000 $'000
Revenue from contracts with customers for gold and silver sales 3 341,503 329,499
Costs of production 3 (193,509) (193,413)
Gross profit 147,994 136,086
Depreciation and amortisation 3 (53,162) (47,459)
Royalties 3 (19,639) (18,916)
Gross profit from operations 75,193 69,711
Interest income 3 1,448 1,411
Other income 3 859 (104)
Exploration expense 3 (5,340) (6,368)
Administration and other corporate expenses 3 (6,627) (9,081)
Share-based payment expense 3 (160) (344)
Fair value movements and treasury transactions 3 (5,292) 29,837
Inventories net realisable value movements and obsolete consumables 3 14,724 8,543
Finance costs 3 (5,214) (8,531)
Indirect tax expense 3 (16,214) (5,273)
Profit before tax 53,377 79,801
Tax benefit/(expense) 3&5 (19,976) 7,878
Profit for the period 33,401 87,679
Profit attributable to:
Members of the parent 20,947 73,842
Non-controlling interest 12,454 13,837
Profit for the period 33,401 87,679
Consolidated Statement of Comprehensive Income
(continued)
For the half year For the half year
ended ended
30 June 2024 30 June 2023
Note $'000 $'000
Profit for the period (brought forward) 33,401 87,679
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations:
- Members of the parent (16,293) (23,623)
Items that may not be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations:
- Non-controlling interest 1,606 (1,226)
Other comprehensive loss for the period, net of tax (14,687) (24,849)
Total comprehensive income for the period 18,714 62,830
Total comprehensive income attributable to:
Members of the parent 4,654 50,219
Non-controlling interest 14,060 12,611
Total comprehensive income for the period 18,714 62,830
Profit per share for net profit attributable for operations to the ordinary
equity holders of the parent:
Basic earnings per share 0.98 cents 3.47 cents
Diluted earnings per share 0.98 cents 3.47 cents
Profit per share for net profit attributable for continuing operations to the
ordinary equity holders of the parent:
Basic earnings per share 0.98 cents 3.47 cents
Diluted earnings per share 0.98 cents 3.47 cents
Consolidated Statement of Financial Position
31 December
30 June 2024 2023
Note $'000 $'000
Current assets
Cash and cash equivalents 101,437 59,769
Other financial assets - restricted cash 4,618 1,412
Receivables 6 18,617 60,102
Inventories 7 151,790 135,417
Prepayments and other assets 14,591 11,021
Income tax asset 8,860 1,810
Total current assets 299,913 269,532
Non current assets
Income tax asset - 7,317
Receivables 6 86,739 54,456
Inventories 7 44,734 42,489
Exploration assets 11,847 6,354
Development assets 8 264,035 298,927
Property, plant and equipment 8 173,088 160,894
Right-of-use assets 8,506 10,106
Deferred tax asset 3,005 3,005
Total non current assets 591,954 583,547
Total assets 891,867 853,078
Current liabilities
Payables 112,115 67,302
Financial liabilities 9 47,697 74,066
Provisions 10 82,046 66,188
Current tax liability 7,452 4,791
Lease liabilities 3,171 3,070
Total current liabilities 252,481 215,417
Non current liabilities
Provisions 10 82,854 85,863
Lease liabilities 7,859 9,625
Total non current liabilities 90,713 95,488
Total liabilities 343,194 310,905
Net assets 548,674 542,173
Consolidated Statement of Financial Position
(continued)
31 December
30 June 2024 2023
Note $'000 $'000
Equity attributable to equity holders of the parent
Contributed equity 882,731 882,731
Reserves (56,954) (40,821)
Retained earnings/(Accumulated losses) (230,817) (251,764)
Total equity attributable to equity holders of the parent 594,960 590,146
Non-controlling interest (46,286) (47,973)
Total equity 548,674 542,173
Consolidated Statement of Changes in Equity
At 1 January 2024 882,731 (9,745) 22,210 4,321 (636) (56,971) (251,764) (47,973) 542,173
Profit for the period
- -
- -
- - 20,947 12,454 33,401
Other comprehensive
(loss)/income, net of tax
Total comprehensive (loss)/income for the period, net of tax
- -
- - -
(16,293) - 1,606 (14,687)
- - - - - (16,293) 20,947 14,060 18,714
-
Dividends declared
- -
- -
- - - (12,373)
(12,373)
Share based payments -
- 160 -
- -
- - 160
to employees
At 30 June 2024 882,731 (9,745) 22,370 4,321 (636) (73,264) (230,817) (46,286) 548,674
At 1 January 2023 882,731 (9,348) 20,447 4,152 (37,207) (317,341) (71,940) 471,494
Profit for the period - - - - - 73,842 13,837 87,679
Other comprehensive
(loss)/income, net of - - - (23,623) - (1,226) (24,849)
tax -
Total comprehensive (loss)/income for the - - - - (23,623) 73,842 12,611 62,830
period, net of tax
Dividends paid - - - - - - - -
Share based payments - 403 - - - - 403
to employees -
At 30 June 2023 882,731 (9,348) 20,850 4,152 (60,830) (243,499) (59,329) 534,727
Consolidated Cash Flow Statement
For the half year For the half year
ended ended
30 June 2024 30 June 2023
$'000 $'000
Cash flows from operating activities
Receipts from customers 341,503 330,209
Payments to suppliers, employees and others (220,540) (271,761)
Exploration expenditure (5,340) (4,446)
Income tax paid (13,025) (3,261)
Cash flows from operating activities 102,598 50,741
Cash flows used in investing activities
Payments for property, plant & equipment (28,545) (13,526)
Payments for development activities (15,867) (22,557)
Payments for evaluation activities (6,234) (1,047)
Deferred consideration from sale of Ravenswood mine 20,012 -
Extension fee on Ravenswood promissory note 849 -
Other investing activities (416) 1,915
Cash flows used in investing activities (30,201) (35,215)
Cash flows used in financing activities
Repayment of borrowings (25,000) (30,000)
Finance cost (3,207) (5,756)
Dividend paid (1,239) (1,430)
Repayment of principal portion of lease liability (1,841) (1,988)
Repayment of/(drawdown from) short term finance facilities (925) 6,548
Cash flows used in financing activities (32,212) (32,626)
Increase (decrease) in cash and cash equivalents 40,185 (17,100)
Cash and cash equivalents at the beginning of the period 59,769 80,873
Exchange rate adjustment 1,483 2,005
Cash and cash equivalents at the end of the period 101,437 65,777
Notes to the Financial Statements
Note 1: Corporate Information
The financial report of Resolute Mining Limited and its controlled entities
for the half year ended 30 June 2024 was authorised for issue in accordance
with a resolution of directors for release on 29 August 2024.
Resolute (the parent) is a for profit company limited by shares incorporated
and domiciled in Australia whose shares are publicly traded on the Australian
Securities Exchange and the London Stock Exchange.
The principal activities of entities within the consolidated entity during the
half year were:
• gold mining; and,
• prospecting and exploration for minerals.
There has been no significant change in the nature of those activities during
the half year ended 30 June 2024.
Where appropriate in the financial report, comparative information has been
reclassified to align to changes in presentation in the current period to
reflect more reliable and relevant information. The Company has reclassified
certain expense items to costs of production to better reflect the actual
costs incurred at our operations.
Note 2: Basis of Preparation and Summary of Significant Accounting Practices
a) Basis of Preparation
This interim financial report for the half year ended 30 June 2024 has been
prepared in accordance with AASB 134 Interim Financial Reporting and the
Corporations Act 2001.
The half year financial report does not include all notes of the type normally
included within the annual financial report and therefore cannot be expected
to provide as full an understanding of the financial performance, financial
position and financing and investing activities of the Group as the full
financial report.
It is recommended that the half year financial report be read in conjunction
with the Annual Report for the year ended 31 December 2023 and considered
together with any public announcements made by Resolute Mining Limited during
the half year ended 30 June 2024 in accordance with the continuous disclosure
obligations of the Australian Securities Exchange listing rules and London
Stock Exchange rules. The consolidated financial report is presented in United
States dollars ("$") rounded to the nearest thousand dollars, unless otherwise
stated.
The accounting policies and methods of computation are the same as those
adopted in the most recent annual financial report.
Notes to the Financial Statements
Note 3 (a): Segment revenue and expenses
Mako Syama Corp/Other Total
For the half year ended 30 June 2024 (Senegal) (Mali) (b)
$'000 $'000 $'000 $'000
Revenue from gold and silver sales (a) 125,663 215,840 - 341,503
Costs of production (68,872) (124,637) - (193,509)
Segment gross profit 56,791 91,203 - 147,994
Depreciation and amortisation (27,105) (25,505) (552) (53,162)
Royalties (6,283) (12,938) (417) (19,638)
Segment gross profit from operations 23,403 52,760 (969) 75,194
Interest income - - 1,448 1,448
Other income - 9 849 858
Exploration expense (2,297) (2,568) (475) (5,340)
Administration and other corporate expenses - - (6,627) (6,627)
Share based payment expense - - (160) (160)
Fair value movements and treasury transactions (4,358) (2,628) 1,694 (5,292)
Inventories net realisable value movements and obsolete consumables 3,160 11,564 - 14,724
Finance costs (928) (3,263) (1,022) (5,213)
Indirect tax expense (15,281) (933) - (16,214)
Profit before tax from operations 3,699 54,941 (5,262) 53,377
Income tax expense (17,894) (2,156) 74 (19,976)
Profit/(loss) for the period (14,195) 52,785 (5,188) 33,401
(a) Revenue from external sales for each reportable segment is derived from
several customers.
(b) This information does not represent an operating segment as defined by
AASB 8 'Operating Segments' and forms part of the reconciliation of the
results and positions of the operating segments to the financial statements.
Notes to the Financial Statements
Note 3 (a): Segment revenue and expenses (continued)
Mako Syama (Mali) Corp/Other Total
For the half year ended 30 June 2023 (Senegal) (b)
$'000 $'000 $'000 $'000
Revenue from gold and silver sales (a) 121,910 207,589 - 329,499
Costs of production (56,345) (137,067) - (193,413)
Segment gross profit 65,565 70,522 - 136,086
Depreciation and amortisation (24,339) (22,267) (852) (47,459)
Royalties (6,096) (12,820) - (18,916)
Segment gross profit from operations 35,130 35,434 (852) 69,711
Interest Income 4 - 1,407 1,411
Other income - (135) 31 (104)
Exploration expense (2,016) (4,352) - (6,368)
Administration and other corporate expenses - - (9,081) (9,081)
Share based payment expense - - (344) (344)
Fair value movements and treasury transactions (1,537) 379 30,995 29,837
Inventories net realisable value movements and obsolete consumables 928 7,615 - 8,543
Finance costs (896) (3,655) (3,981) (8,531)
Indirect tax expense (5,000) (273) - (5,273)
Profit before tax from operations 26,614 35,013 18,175 79,801
Income tax expense 14,463 (4,608) (1,977) 7,878
Profit for the period 41,077 30,405 16,198 87,679
(a) Revenue from external sales for each reportable segment is derived from
several customers.
(b) This information does not represent an operating segment as defined by
AASB 8 'Operating Segments' and forms part of the reconciliation of the
results and positions of the operating segments to the financial statements.
Note 3 (b): Segment assets and liabilities(1)
Mako Syama (Mali) Corp/ Other Total
For the half year ended 30 June 2024 (Senegal)
$'000 $'000 $'000 $'000
Segment assets 196,758 542,921 152,188 891,867
Segment liabilities 107,347 227,156 8,691 343,193
Net assets 89,411 315,765 143,497 548,674
(1) This information does not represent an operating segment as defined by
AASB 8 'Operating Segments' and forms part of the reconciliation of the
results and positions of the operating segments to the financial statements.
Note 4: Dividend
There were no interim dividends paid or declared for Resolute Mining Limited
during the half year end up to the date of this report (half year ended 30
June 2023: $nil).
In May 2024, a subsidiary of the Group declared a dividend of $120.0 million
of which $12.4 million will be distributed to its minority shareholders.
Notes to the Financial Statements
Note 5: Taxes
At 30 June 2024, the Group recognised an income tax expense of $19.98 million
(30 June 2023: tax benefit of
$7.9 million). The increase in the income tax expense is primarily due to an
income tax settlement of $17.5 million with the Australian Tax Office and
Senegalese State in the first half of 2023.
Note 6: Receivables
Included in the total receivables balance of $105.4 million are indirect tax
receivables of $48.3 million at 30 June 2024 (31 December 2023: $29.3
million). This primarily relates to indirect taxes owing to the Group from the
Republic of Mali and Senegal. The remaining receivables are from the sale of
the Ravenswood mine.
Note 7: Inventories
31 December
30 June 2024 2023
$'000 $'000
Doré bars 24,928 13,340
Gold in circuit 52,240 50,837
Ore stockpiles 57,056 47,523
Consumables, spare parts and supplies 62,299 66,207
Total inventories 196,524 177,906
Less: Non-current metal inventories 44,734 42,489
Current portion of inventories 151,790 135,417
Note 8: Development assets and property, plant and equipment
At 30 June 2024, the Group's mine properties amount to $437.1 million (31
December 2023: $459.8 million). During the six-month period to 30 June 2024,
further additions for development activities were made of $15.9 million.
Note 9: Interest bearing liabilities
31 December
30 June 2024 2023
$'000 $'000
Financial liabilities (current)
Bank overdraft 47,475 46,196
Insurance premium funding 176 180
Borrowings 47 25,218
Financial derivative liabilities - 2,472
Total Financial liabilities 47,698 74,066
Note 10: Provisions
31 December
30 June 2024 2023
$'000 $'000
Current
Site restoration 2,473 626
Employee entitlements 4,323 5,744
Provision for direct and indirect taxes(1) 72,746 57,157
Other provisions 2,504 2,661
Total provisions (current) 82,046 66,188
Non Current
Site restoration 82,633 85,570
Employee entitlements 221 293
Total provisions (non current) 82,854 85,863
(1) The Group received notifications from the Senegalese Government on alleged
tax and customs infringements. Whilst some of these matters have been settled
after 30 June 2024, Resolute continues to work with its external advisors and
the Senegalese authorities to resolve any outstanding matters. Provisions have
been recorded for the best estimate of the expected resolution for these
matters at 30 June 2024.
Note 11: Events Occurring after Balance Date
Since the end of the period and to the date of this report, no matter or
circumstance has arisen that has significantly affected, or may significantly
affect, the operations of the Group, the results of operation or the state of
affairs of the consolidated group in subsequent periods
Directors' Declaration
In the opinion of the directors:
1) the financial statements and notes are in accordance with the
Corporations Act 2001, including:
(a) complying with Accounting Standard AASB 134 Interim Financial
Reporting, the Corporations Regulations 2001; and
(b) giving a true and fair view of the Group's financial position as at 30
June 2024 and of its performance, as required by Accounting Standards, for the
half year ended on that date.
2) there are reasonable grounds to believe that the Group will be able to
pay its debts as and when they become due and payable.
This declaration has been made in accordance with a resolution of the
directors.
Terence Holohan
Managing Director & CEO
Perth, Western Australia
29 August 2024
Ernst & Young 11 Mounts Bay Road
Perth WA 6000 Australia
GPO Box M939
Perth WA 6843
Tel: +61 8 9429 2222
Fax: +61 8 9429 2436
ey.com/au
Independent auditor's review report to the members of Resolute Mining Limited
Conclusion
We have reviewed the accompanying half-year financial report of Resolute
Mining Limited (the Company) and its subsidiaries (collectively the Group),
which comprises the consolidated statement of financial position as at 30 June
2024, the consolidated statement of comprehensive income, consolidated
statement of changes in equity and the consolidated cash flow statement for
the
half-year ended on that date, notes comprising a statement of accounting
policies and other explanatory information, and the directors' declaration.
Based on our review, which is not an audit, we have not become aware of any
matter that makes us believe that the half-year financial report of the Group
does not comply with the Corporations Act 2001, including:
1. Giving a true and fair view of the consolidated financial
position of the Group as at 30 June 2024 and of its consolidated financial
performance for the half-year ended on that date; and
2. Complying with Accounting Standard AASB 134 Interim Financial
Reporting and the Corporations Regulations 2001.
Basis for conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial
Report Performed by the Independent Auditor of the Entity (ASRE 2410) and ISRE
2410 Review of Interim Financial Information Performed by the Independent
Auditor of the Entity(ISRE 2410). Our responsibilities are further described
in the Auditor's responsibilities for the review of the half-year financial
report section of our report. We are independent of the Group in accordance
with the auditor independence requirements of the Corporations Act 2001and the
ethical requirements of the Accounting Professional and Ethical Standards
Board's APES 110 Code of Ethics for Professional Accountants(including
Independence Standards)(the Code) that are relevant to our audit of the annual
financial report in Australia. We have also fulfilled our other ethical
responsibilities in accordance with the Code.
Directors' responsibilities for the half-year financial report
The directors of the Company are responsible for the preparation of the
half-year financial report that gives a true and fair view in accordance with
Australian Accounting Standards and the Corporations Act 2001and for such
internal control as the directors determine is necessary to enable the
preparation of the half-year financial report that gives a true and fair view
and is free from material misstatement, whether due to fraud or error.
Auditor's responsibilities for the review of the half-year financial report
Our responsibility is to express a conclusion on the half-year financial
report based on our review. ASRE 2410 and ISRE 2410 require us to conclude
whether we have become aware of any matter that makes us believe that the
half-year financial report is not in accordance with the Corporations
Act 2001 including giving a true and fair view of the Group's financial
position as at 30 June 2024 and its performance for the half-year ended on
that date, and complying with Accounting Standard
AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
A review of a half-year financial report consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with Australian Auditing
Standards or International Standards on Auditing issued by the International
Auditing and Assurance Standards Board and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
Ernst & Young
Philip Teale Partner Perth
29 August 2024
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